Silver Law Group Continues to Investigate and Pursue Claims Against UBS Puerto Rico for Investment Losses in UBS Proprietary Closed-End Bond Funds

Published 3:03 PM ET Fri, 17 Oct 2014
Globe Newswire

BOCA RATON, Fla., Oct. 17, 2014 (GLOBE NEWSWIRE) -- Silver Law Group (www.silverlaw.com) represents multiple investors in cases against UBS Financial Services, Inc. and UBS Financial Services, Inc. of Puerto Rico ("UBS") involving the sale of UBS Puerto Rico closed-end bond funds (the "Bond Funds"). According to several news stories, UBS' alleged misconduct has led to regulatory investigations by the SEC, FINRA and the Office of the Commissioner of Financial Institutions of Puerto Rico (OCFI).

OCFI recently announced that it had reached a settlement with UBS which requires UBS to pay $1,681,742 to only 34 customers identified by OCFI that suffered losses and a fine of $3,500,000 to OCFI. OCFI recognizes on its website that these 34 individuals were merely a sample selection of customers and that it will not pursue the claims on behalf of all investors that may have lost their money as a result of UBS' misconduct. Although OCFI has closed its case against UBS and cannot make any additional claims on behalf of any other affected UBS customers, the OCFI acknowledges that UBS has stipulated in its customer agreement that any claim may be submitted to arbitration through FINRA.

Silver Law Group is representing dozens of investors in FINRA arbitration claims against UBS. These aggrieved investors lost substantial portions of their portfolios. According to the Prospectus and Offering documents for the Bond Funds, UBS and its financial advisors characterized the Bond Funds' investment objective as current income consistent with the preservation of capital. UBS and its financial advisors recommended that Puerto Rican residents maintain concentrated positions in their family of proprietary Bond Funds.

Silver Law Group is helping many investors try to recover their losses. If you have questions about your legal rights, or have been the victim of investment fraud, please contact Scott Silver or Adolfo Anzola of the Silver Law Group for a free consultation at ssilver@silverlaw.com or Toll Free at (800) 975-4345. Our lawyers speak English and Spanish. Silver Law Group represents institutional and retail investors in claims for securities and investment fraud. We maintain a website, www.ubsbondfundlosses.com, to provide investors with additional information specific to investors in Puerto Rico bond funds.

For more information on recovering investment losses on a contingency fee basis, please visit www.silverlaw.com.